Key points:
- CDI said share repurchase can be made “at management’s discretion” in the open market “from time to time”
- The new plan has no time limit
Churchill Downs Incorporated’s (CDI) Board of Directors has authorized another $500m share repurchase program.
The new program will replace the previously approved repurchase program of $500m that had unused authorization of $125.6 million as of March 12, CDI said.
The company said in a statement, “The new share repurchase program includes and is not in addition to any unspent amount remaining under the prior authorization.
“Share repurchases may be made at management’s discretion from time to time in the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time.”
In other company news, the racetrack at Churchill Downs has decided to stop accepting sports bets. The track said “low profitability from retail operations” influenced its decision to discontinue retail sports betting.
The company launched its newest casino, Terre Haute Casino Resort last April, along with an accompanying hotel last May.
The hotel portion of the new destination features 122 luxury rooms, a hotel pool, rooftop lounge and coffee shop.
THCR offers players 1,000 slot machines, 35 live table games, a sportsbook and a poker room within its 400,000 square feet of gaming space. The Vigo County resort also has nine food and beverage options.
Churchill Downs is owned by CDI, an online wagering and gaming entertainment company. It currently operates historical racing machines in Kentucky and was recently issued customary approving licenses by Virginia Racing Commission, the New York State Gaming Commission and the Iowa Racing and Gaming Commission.
